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Mads Hennelund

Mads holds a master’s degree in Business Administration & Philosophy from Copenhagen Business School.

He is a business consultant with deep knowledge about digital transformation. Mads advices clients about strategy and competitive positioning, business development, dataethics and organizational change in a hyper-digital world. He is a financial sector expert with solid experience in the insurance and accounting industries, respectively. Being highly skilled in market and industry research, strategy and strategic positioning, branding as well as political philosophy and ethics, Mads delivers thorough and reflexive business analyses and advice for top-managers in Danish companies and organizations.

Having co-authored comprehensive industry reports about digital transformation in both the accounting and insurance industry alongside having published articles nationally and internationally, Mads Hennelund has established himself as an expert on digital transformation and the financial sector. Through workshops, lectures, seminars and knowledge sharing he is helping business leaders navigate in the digital, data-driven world.

Posts by Mads Hennelund

How to use data, AI and behavioral economics to fight insurance fraud

The volume of insurance fraud in Denmark is increasing. This is the conclusion in Insurance and Pension Denmark’s latest report about this delicate subject matter. The accumulated amount of fraud related to personal injuries (such as work injuries or early retirement), where the size of the claim easily can amount to a few millions (DKK), has increased by 13%. Generally, when it comes to for example loss of work ability or potential disability, we are entering an area where the data is more sensitive compared to a case that is ‘just’ about my stolen bike. This is where data ethics comes into the picture. The Director of Claims at the Danish financial services group Alm. Brand also recently pointed out that the amount of fraud tends to increase in correlation with increasing digitization of the claims reporting process and as the personal contact decreases, correspondingly. So how can insurance companies fight fraud – both the harder kind where the particular fraudulent activity can add up to for millions and the softer kind where one tweaks the facts a bit during an online claim filing process? Data Ethics and AI In the report “Data Usage and Data Ethics”, which was formulated by...

Developing a Data Ethics Policy for the Insurance Industry in the New Data Economy

The Danish insurance industry faces huge opportunities and challenges going forward in the economy. This demands for a thorough data ethics policy where difficult dilemmas are considered and both lines and principles are drawn. In collaboration with the Danish Insurance Association, we at Nextwork have developed a comprehensive framework for establishing af data ethics position and provided recommendations for a data ethics policy for the industry. Drawing on expert knowledge and case examples from the insurance and InsurTech industry. Here’s a somewhat short explanation for the need to develop a data ethics policy and summary of the key data ethical recommendations. Click here to get the 'short' version in Danish. Forces at play in the new data economy The insurance industry is and has always been a data-based industry and is currently undergoping extensive digitalization. Across the value chain, data – and more critically personal data – is the core of everything. From targeting potential customers, underwriting and risk calculation, managing retirement savings through ongoing advisory services and risk management to claims handling and fraud detection. But what happens when the amount of personal data available grows expansively within a short period of time? What opportunities and challenges does this...

Web 3.0 will be a gamechanger for businesses

Blog post originally published on Version2 on August 14th, 2018 Cited on Techtobia: "Straight From the Tech Experts: What Will the Defining Feature of Web 3.0 Be?" on September 24th, 2018 [caption id="attachment_614" align="alignnone" width="525"] Web 3.0 will be a gamechanger for business leaders and brand managers in the years to come[/caption] Many of us probably dropped the jaw a bit when Facebook recently lost 13 billion USD as a consequence of the scandal surrounding the improper management of personal data. We have since then furthermore seen large telecom companies declare hand on heart that they will not sell customers’ location data anymore. These two strikes of lightning have made two things lightning clear: 1) The stock market understands the value of storing and making use of personal data. 2) Firms understand in all seriousness the risk associated with not handling personal data properly. Data security – and information security - will therefore be a key factor for companies going forward. Combined with other elements, this will give firms in the digital world a position which makes it possible to continue - and to an even larger degree - utilize and make use of user data. Personal data has most...